It's human nature at tax time to ask "what's in it for me?"
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Most people complain about the amount of tax they're paying but other than the brief moment when they find out if they're receiving a refund or not at tax time, they generally aren't motivated to take action.
Sometime’s that inaction is the result of not understanding what action to take.
Or not understanding how their circumstances affect what they should be doing.
Or maybe it's simply resignation to the fact that taxes are inevitable and there's no point fighting it.
That’s where a tax accountant comes into their own.
Tax accountants can give specialised advice based on your particular personal financial situation, which may improve your bottom line.
Or perhaps if it’s not useful this tax season, it may prove fruitful next because you’ll know what to do.
A tax accountant can help single people look for deductions and also provide advice about protecting what they have.
They’ll know what the single threshold for private health insurance is, for example, and can alert you to the benefits of income protection so you can keep up your mortgage repayments should you fall ill or get injured.
Income protection insurance is tax deductible.
A tax accountant can help you take advantage of lower tax rates by considering investing in alternative structures such as a trust or superannuation.
Tax accountants understand private health insurance and how they apply to couples with children.
There can be issues when the combined income reaches a certain threshold.
Similarly, interest on joint accounts.
Depending on your situation a tax accountant may be able to advise you about the benefits of holding the account in the name of the person with the lowest taxable income.
Tax accountants can be of benefit to families in that they are aware of what you’re potentially entitled to from the government, be it Family Tax Benefit, Child Care Benefit or others.
A competent, qualified tax accountant may save you money by helping you avoid tax return pitfalls that may attract penalties.